At a glance
O’Reilly Automotive Inc is worth $73.37B, about 31 times its fiscal 2025 earnings. Revenue grew 6.4% to $17.78B in fiscal 2025, with 14.3% kept as profit; over 5 years it has grown 8.9% a year. It pays no dividend; it spent $13.08B buying back its shares over FY2021–FY2025. The stock returned −4.0% over the past year with dividends reinvested and +17.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.0% in the 2020 crash (S&P 500: 33.7%) and 23.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 5 months after the lows.
The business in plain English
O'Reilly Automotive is one of North America's largest auto parts retailers. Its stores sell replacement "hard parts" such as brakes, batteries, alternators and water pumps. They also sell maintenance items like oil, filters and wiper blades, and accessories such as floor mats and seat covers. Services include battery testing, check engine light code readings and a loaner tool program. At December 31, 2025, the company ran 6,447 stores in 48 US states and Puerto Rico, 112 in Mexico and 26 in Canada.
O'Reilly sells to two groups and calls this its "dual market strategy." Do-it-yourself (DIY) customers fix their own cars. Professional customers are repair shops and mechanics. About 825 dedicated sales staff serve them, and they can order online for local delivery. In 2025, each group made up about 50% of sales. Nearly all of the company's stores are in the United States.
The company makes money by purchasing parts from suppliers and reselling them at a markup. In fiscal 2025, revenue was $17.8 billion and net income was $2.5 billion. Gross margin, the share of sales left after the cost of the goods, was 51.6%. Fast parts delivery is central to the model: 32 distribution centers and 399 "Hub" stores restock other stores, often the same day. O'Reilly opened 207 net new stores in 2025.
Price history
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ORLY -4.0% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.89B, up 8.1% from a year earlier, and net income was $715.1M (+7.0%).
- For fiscal 2025, revenue was $17.78B (+6.4% year over year; +8.9% a year from FY2020 to FY2025) with a 14.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.9% good |
|---|---|
| Operating margin | 19.5% good |
| Free cash flow margin | 9% watch |
| Return on assets (FY2025) | 15.3% good |
| Net cash (cash minus debt) | $-6.75B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.60B | $1.75B | $2.37B |
| FY2021 | $13.33B | $2.16B | $2.76B |
| FY2022 | $14.41B | $2.17B | $2.58B |
| FY2023 | $15.81B | $2.35B | $2.03B |
| FY2024 | $16.71B | $2.39B | $2.03B |
| FY2025 | $17.78B | $2.54B | $1.59B |
Valuation snapshot
| Market value | $73.37B |
|---|---|
| P/E ratio | 30.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
O’Reilly Automotive’s market value went from $26.30B at the end of 2016 to $73.37B on Nov 2, 2026, about 2.8 times as much; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $73.37B | -4.7% |
| 2025 | $76.99B | +12.5% |
| 2024 | $68.46B | +21.8% |
| 2023 | $56.21B | +6.4% |
| 2022 | $52.82B | +11.0% |
| 2021 | $47.58B | +45.1% |
| 2020 | $32.79B | -1.1% |
| 2019 | $33.16B | +20.2% |
| 2018 | $27.58B | +34.9% |
| 2017 | $20.45B | -22.2% |
| 2016 | $26.30B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ORLY price data to Nov 2, 2026 | -0.6% | -4.0% | +12.8% | +17.0% | +17.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.6% |
| 2025 | +15.4% |
| 2024 | +24.8% |
| 2023 | +12.6% |
| 2022 | +19.5% |
| 2021 | +56.0% |
| 2020 | +3.3% |
| 2019 | +27.3% |
| 2018 | +43.1% |
| 2017 | -13.6% |
| 2016 | +9.9% |
| 2015 | +31.6% |
| 2014 | +49.6% |
| 2013 | +43.9% |
| 2012 | +11.8% |
| 2011 | +32.3% |
| 2010 | +58.5% |
| 2009 | +24.0% |
| 2008 | -5.2% |
| 2007 | +1.1% |
| 2006 | +0.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 8.2% over that stretch · deepest drop along the way 39.7%, back to its old high 4.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.5% over that stretch · deepest drop along the way 34%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 4.5% over that stretch · deepest drop along the way 23%, back to its old high 5.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 9 sales ($10.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 20, 2026 | Robert Allen Dumas SVP OF EASTERN STORE OPS/SALES | sell | $7.8M |
| May 8, 2026 | Brad W Beckham CEO | sell | $1.3M |
| May 7, 2026 | Philip M Hopper SVP OF REAL ESTATE & EXPANSION | sell | $350K |
| Aug 12, 2026 | Christopher Andrew Mancini SVP OF PROF SALES & STORE OPS | sell | $279K |
| May 18, 2026 | John Raymond Murphy Director | sell | $230K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
ETFs with the most weight in ORLY
| PEZ Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | 5.65% |
| RTH VanEck Retail ETF | 4.79% |
| VNSE Natixis Vaughan Nelson Select ETF | 4.57% |
| USSE Segall Bryant & Hamill Select Equity ETF | 4.46% |
| QQLV Invesco QQQ Low Volatility ETF | 4.27% |
| FMCX FM Focus Equity ETF | 4.07% |
| SEIQ SEI Enhanced U.S. Large Cap Quality Factor ETF | 3.38% |
| PDP Invesco Dorsey Wright Momentum ETF | 3.22% |
What could go wrong
- New car technology could mean fewer repairs. Electric and hybrid vehicles or longer-lasting parts could reduce repairs. Automakers could also limit access to diagnostic tools and repair data, pushing owners to dealers. Either would cut demand for O'Reilly's parts.
- Intense competition, including lower-cost online sellers. Both DIY and professional sales are highly competitive. Some rivals are bigger and have more money. Online sellers may run on lower costs, and shoppers can compare prices instantly, which could squeeze prices.
- Large debt load and negative shareholder equity. As of June 30, 2026, debt was about $7.0 billion against $262 million of cash, and shareholders' equity was negative. A credit downgrade could raise borrowing costs and limit access to supplier financing programs.
- Supplier problems, tariffs or trade policy shifts. O'Reilly relies on key suppliers. A change in a key supplier relationship, supply chain disruptions or trade policy changes such as tariffs could leave stores short of important products or raise costs.
- Disruption at distribution centers or computer systems. Stores rely on 32 distribution centers and linked computer systems for fast parts delivery. A facility shutdown or systems outage could hurt store hours and parts availability. A data breach could damage its reputation.
- Weaker economy, fewer miles driven, or bad weather. Many car repairs can't be put off, but sales still depend on miles driven, jobs, inflation and credit. Unusual weather and natural disasters can also swing regional sales and costs.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Major agreement signed
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
O'Reilly does not pay a dividend and paid none in fiscal 2021 through 2025. An income investor would get no regular cash payments. Returns come only from share-price gains, so raising cash means selling shares. Instead, the company spent $13.1 billion on buybacks over those five years, and the share count fell about 20% between November 2021 and August 2026. With fewer shares, each one gets a bigger slice of profits. In fiscal 2025, buybacks of $2.1 billion were larger than free cash flow (cash left after capital spending) of $1.6 billion.
In past downturns the shares fell hard but recovered within months. They dropped 39.7% from peak to low in the 2008 financial crisis and 34% in the 2020 COVID crash. They got back to their prior peak about 4.5 and 1.4 months after those lows. In 2022 they dipped 23% but gained 4.5% between the market's January peak and October low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does O'Reilly Automotive make money?
O'Reilly makes money by selling auto parts, tools, supplies and accessories at a markup through its stores and websites. In fiscal 2025, revenue was $17.8 billion and the gross margin (the share of sales left after the cost of goods) was 51.6%. Net income was $2.5 billion, or 14.3% of sales. About half of sales came from do-it-yourself customers and half from professional repair shops, which can order online for local delivery.
Does O'Reilly Automotive pay a dividend?
No. O'Reilly paid no dividends in fiscal 2021 through 2025. Instead, it returns cash by repurchasing its own shares, and it spent $13.1 billion on buybacks over those five years. The share count fell about 20% between November 2021 and August 2026. Buybacks can lift earnings per share over time, but they don't pay cash to shareholders. An investor who needs regular income would have to sell shares to raise it.
When did O'Reilly stock split?
On June 10, 2025, O'Reilly completed a 15-for-1 stock split. Each existing share became 15 shares and the share price adjusted to match, so the value of a holding did not change. Past per-share figures are restated for the split. On that basis, diluted earnings per share were $2.97 for fiscal 2025, compared with about $1.57 for fiscal 2020.
How has O'Reilly stock performed over the long term?
Over long periods the shares have done well, but the latest year was weaker. As of October 28, 2026, the price rose about 17.8% a year over 10 years and 16.8% a year over five years, but fell 6.1% over one year. The deepest peak-to-low drop in about 21 years of price history was 45.3%. On that date the stock traded at about 30.5 times fiscal 2025 earnings. Past returns don't guarantee future results.
How much debt does O'Reilly Automotive have?
As of June 30, 2026, O'Reilly had about $7.0 billion of total debt and $262 million of cash and investments, so debt was about $6.8 billion more than cash. Shareholders' equity was negative, at about minus $1.8 billion. That means total liabilities were larger than total assets on the balance sheet. The 10-K warns that its debt could strain cash flow. It also warns that a credit-rating downgrade would raise borrowing costs and could limit access to supplier financing programs.